The Waterloo mine is located on Crown-granted lot 4815, approximately 3.1 kilometres northwest of Lightning Peak and 33 kilometres west-northwest of the Arrow Lake community of Edgewood.
The Lightning Peak area is underlain by limestone and greenstone of the Devonian-Triassic Harper Ranch Group. These are underlain and intruded by granodiorite and diorite of an unnamed Middle Jurassic Intrusion. Quartz porphyry dikes are common in the Harper Ranch Group, pegmatitic variations are sometimes associated with mineralization in the Lightning Peak camp. Several remnants of Miocene-Pliocene Chilcotin Group plateau basalts are found in the area, including the summit of Lightning Peak.
The Waterloo mine occurs in an easterly striking shear zone which dips steeply to the north. The shear zone, which averages about 1.3 metres in width, is hosted by Harper Ranch limestone. The Waterloo vein follows the shear zone and is sporadically mineralized with streaks and disseminations of sphalerite and galena along much of its length. A limestone-calcite breccia in the shear is well mineralized with sphalerite. A high grade ore shoot, offset by a southeast dipping fault, contained massive lenses of sphalerite, galena, native silver, acanthite, ruby silver (both pyrargyrite and proustite) and stephanite. Quartz and calcite are associated with the lenses. Tetrahedrite was noted in adit No. 3. Elsewhere, a hornfels zone near a granodiorite intrusion contains minor amounts of chalcopyrite, pyrite and pyrrhotite.
The Lightning Peak mining camp saw considerable activity around the end of the 19th century. The earliest recorded work on the Waterloo dates from 1904 when 2 small shipments of ore were made. In 1918, G. Borg and C. Hammarstadt carried out exploration work. In 1922, the Waterloo No. 3 claim was Crown granted to F.E. Rendell and C.M. Kingston. Over the next 7 years some exploration work was carried out, resulting in several open cuts and 4 short adits. Additional development work was carried out by Waterloo Consolidated Mines Limited in 1930. In 1931, Waterloo Gold Mines Limited acquired the property and minor development and production was carried out over the next 6 years. By 1939, a total of 211 tonnes of ore had been produced from the Waterloo mine, and the underground workings totalled 680 metres of drifting in 4 adits over a vertical range of 45 metres. The upper 3 adits total about 138 metres in length, and the lowest, the No. 4 adit, is 542 metres long.
In 1948, the Paycheck Mining and Development Company Limited acquired the Waterloo property. A chip sample, collected by Paycheck Mining, from adit No. 2 assayed 106 grams per tonne silver, 4.19 per cent lead and 3.67 per cent zinc (Property File - Falconer, 1988). In 1948-49, 12 tonnes was mined, this possibly came from the DIRECTOR 5 (082ENE022) dump.
In 1954, Paycheck Mining rehabilitated adit No. 4 and stoped the vein to the surface. At least 5 holes were diamond drilled on the property at this time. A 68 tonne-per-day mill operated in 1954, milling 1011 tonnes, of which 263 tonnes came from existing dumps. A total of 11.8 tonnes of lead concentrates were shipped to the Trail smelter in 1954. Concentrates left on the site, estimated to be 2.7 tonnes and 42 tonnes of lead and zinc concentrates, were cleaned up in 1967 by the Great Horn Mining Syndicate Inc.
Bralorne Pioneer Mines Limited briefly held an option on the property in 1966. They carried out a geochemical survey of the property and surrounding area and were able to identify the Waterloo vein where it was covered by overburden.
In 1968 and 1969, International Mine Services Ltd. carried out geochemical and geological surveys and a diamond drill program for the Great Horn Mining Syndicate. The drill program consisted of 16 holes totaling 1793 metres on the surface and 16 holes totaling 529 metres underground. The drilling, together with underground sampling of the Waterloo vein, indicated variable and, overall, low-grade silver mineralization. No further work was recommended.
In 1978, W.G. Botel carried out a 16.9 kilometre VLF-EM survey over the area. Known shear zones and their projections were identified. Underground development work began in 1980 and by 1984, Botel had driven adit No. 5 a total of 228 metres. In addition, roads were up-graded and track installed in the adits. In 1983, Cous Creek Copper Mines is reported to have removed 11 tonnes of crude ore from the property.
In 1984, Mohawk Oil Co. Ltd. carried out a program of trenching, geological mapping and IP on the adjacent Jon (MINFILE 082ENE024) claim. They found quartz veins and mineralization similar to that on the Waterloo property. In late 1987 to early 1988, Eros Resources Ltd. upgraded access to the workings.
In 2011, Tower Resources optioned the property and completed a program of geological mapping and sampling from outcrops, trenches and dump piles located near old workings. New areas of precious-metal–enriched rocks were also identified during this work. The 39 samples, collected over an area of 4 by 1.3 kilometres, average 112 grams per tonne silver and 0.9 gram per tonne gold. Highlights from this sampling program included two grab samples of dump material that returned up to 2790.0 grams per tonne silver, 1.94 per cent lead and 3.82 per cent zinc (http://www.towerresourcesltd.com).
In early 2012, Tower Resources conducted a predrilling exploration program consisting of geological mapping, prospecting, ground magnetic and VLF (very-low-frequency) electromagnetic surveys and confirmation soil geochemistry. Highlights of this sampling program include a grab sample from the Waterloo mine that yielded 1482 grams per tonne silver, 1.81 per cent lead and 26.77 per cent zinc (Press Release, Tower Resources, November 21, 2012).
Later in 2012, Tower Resources completed a 1200 metre drill program that consisted of 11 drillholes. Hole WL-12-006 intersected the mineralized Waterloo structure at approximately 55 metres below surface. This intersection is well mineralized with sphalerite and lesser galena and assayed grading 112.93 grams per tonne silver with 11.48 per cent zinc over a true width of 0.7 metres (Press Release, Tower Resources, December 4, 2012)